PACIFIC PALISADES, CA—Caruso Affiliated has purchased the Pacific Palisades Village from a consortium of trustees and private individuals. The Los Angeles-based developer plans to renovate the shopping center and add a specialty grocer, theater, restaurants and shops. The purchase price of the property is undisclosed.

“Caruso Affiliated has a highly successful track record of repositioning and developing attractive retail and mixed-use properties throughout California,” Dan Riley, SVP at CBRE, tells GlobeSt.com. “In addition, Caruso Affiliated showed a detailed understanding of how to connect their properties with the cultural fiber of the community, balancing the varied wishes from the residents and creating unique, timeless settings for locals and visitors to enjoy.” Riley represented the seller in the transaction along with his CBRE colleague SVP Philip Voorhees. Caruso represented themselves.

Located between Swarthmore Avenue, Sunset Boulevard and Monument Street, the 48,998-square-foot retail property has 23 units with street-front visibility. The property includes a 43,000-square-foot parking structure and sits on 2.77 acres of land. It is 78% occupied and has a tenant mix that includes City National Bank, Pearl Dragon, Michele International, Boca Man Enterprises, Mayberry Restaurant, Maison Giraud, Benton's Sports, Palisades Playthings, Palisades Beauty Supply and Carly's.

“The property owners and their heirs/trustees have owned these properties for approximately 50 years and although they have enjoyed ownership of these properties and the wonderful community they are located in,” says Riley. “The sellers decided in 2012 that it was time for them to go their separate ways and sell the properties.” The sale of the property generated significant interest from local, national and international investors. According to Riley, the sellers received 16 qualified offers, eventually settling on Caruso, which also owns the Grove and the Americana at Brand.

According to Riley, the retail sector in Pacific Palisades is experiencing a recent resurgence due to new ownership with new ideas and tenant mixes. “From Palisades Highland Center, the Clock Tower Building and Palisades Village Properties, among other prominent retail/mixed-use properties sold by our CBRE team, the Pacific Palisades retail sector is evolving to better serve this affluent community with goods, services and restaurants that many residents have been requesting for years,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

Los Angeles
National
Retail